What is a Health Savings Account (HSA)

HSAs (health savings accounts) allow Americans under age 65 to make tax-deductible contributions to a special account tied to a high-deductible health insurance policy. Earnings inside the HSA are tax deferred (just like in an IRA). To be eligible to contribute to an HSA, you must have a qualified insurance policy.  Please contact us for […]

What is a 401(k) Plan?

A 401(k) plan is an employer-sponsored retirement savings plan that allows employees to divert part of their salary to a tax-deferred investment account. Salary put in the plan is not taxed until it is later withdrawn, presumably in retirement. Employers often match part or all of the employee’s deposits. Penalties usually apply to withdrawals before […]

Alternative Minimum Tax

The Alternative Minimum Tax (AMT) is an income tax imposed by the United States federal government on individuals, corporations, estates, and trusts. AMT is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold (also known as exemption). This exemption is substantially higher than the exemption from regular income tax. Regular taxable income is adjusted for certain […]